Italy’s increase of financial gains tax to become effective

The Italian government will start applying a 26% tax rate on financial gains from 1 July, as announced by PM Matteo Renzi at the beginning of his presidency.

The tax on financial gains is currently at 20% in Italy and, while it will go up to 26% starting from 1 July, it will not include government bonds, which will keep being taxed at 12.5%.

On 1 July, the Foreign Account Tax Compliance Act (Fatca) will also be implemented in Italy.

However, in order to minimise the impact on its financial institutions, the Italian government has signed an agreement with the US according to which the reporting of information is shared between Italy-based intermediaries and Fisco, Italy’s tax agency.



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